Menomonee Falls-based Idea Factory Inc. has been acquired by Swedesboro, N.J.-based Ginsey Home Solutions and will close its local operations in the transaction.
Idea Factory was founded by husband and wife team John and Patty Mueller in 1994 after John developed the Rinse Ace Power Sprayer, a plug-in valve device that makes shower cleaning easier. The company now makes a variety of bath, shower, oral health care and dog washing products for retailers across the country.
Idea Factory has 10 employees. Ginsey has about 50. Idea Factory’s operations will close and its employees will be laid off. Idea Factory’s intellectual property, retail distribution and equipment will be integrated at Ginsey’s New Jersey facility, Patty said.
Ginsey Home Solutions, founded in 1952, manufactures and supplies bathroom and home products.
Milwaukee-based Promontory Point Capital served as a financial advisor to Idea Factory in the transaction.
“Patty and John Mueller were introduced to PPC by their outside legal counsel as the Muellers were seeking to explore exit options from the business,” Promontory Point said in its release. “Given Idea Factory’s niche, established distribution, and portfolio of patents & branded products, PPC advised the owners to pursue a transaction with a strategic party. PPC quickly identified that various strategic parties were attracted to the business’ strategic assets, including brand name recognition, solid distribution relationships with regional and national mass merchandisers, hardware store chains, and pet stores, along with a growing online presence.”